The conversation continues

Last week we tried something new. Rather than Jim interviewing a guest, budding entrepreneur Mike Andrews asked Jim the questions about his experience as he was starting out. Mike dubbed it the “Sensei Sessions,” and is still amazed it only cost him a lunch to get as much information as possible out of Jim.

Since the interview went long, we split it into two parts over two weeks.

As usual with interviews, your best bet is to subscribe on iTunes or play the entire show from the links above. But here is a summary of what we covered:

The $100,000 question

– How do you figure out how much to charge as a freelancer
– How Jim was able to raise his consulting rates 150% (and isn’t done yet)
– Example of setting up a win-win consulting rate that makes both you and the client money

Confidently negotiating

– How do you know how and when to raise your rates
– The number one thing Jim found when talking to freelancers that enables them to raise rates
– Is it better to start high, or raise your rates over time

Developing multiple revenue streams and passive income

– The entrepreneur’s Venn Diagram: Time, Money, Enjoyment
– Trying different things to see what sticks
– Building out passive streams of income
– The difference between passive income, dollars-for-hours, and delayed time earning power
– How to get paid through writing, teaching, and sponsorships

Marketing your business

– The main reason freelancers go back to full time
– Sustaining the “side hustle”
– Getting people to your product, is paid marketing worth it
– What I mean about “Going Pro”

Feedback for Mike

– Case study on next steps Mike could take
– Developing three pillars for your business
– How an old-school paper document can help your marketing
– What you should do if you get asked the same question over and over
– How to decide what your next course is
– What format should your digital product be (book, course, webinar)

This week’s fresh take of the week looks again at a recent survey by Citrix, who found that 22 percent of Americans admitted that they’ve pretended to know what the cloud is or how it works. Most respondents believed the cloud was related to weather, while some referred to pillows, drugs and toilet paper. C’mon, people!

The cloud is simply storing information on a central server so that you can access it from anywhere and any device. You want an example? Freshbooks! I am on vacation but I can still access all my accounting information from halfway across the world.

Why use Freshbooks?
• Simple to use: With great customer service
• Work from anywhere: Including their new iPhone app
• Saves time: Lets you track billing hours and get paid fast

Switch to cloud accounting and join over 5 million people using FreshBooks to make billing painless at Freshbooks.com.

Welcome to our new sponsor for September 2012, Amari Hotels. They are a group of 13 full service hotels and resorts covering the leisure and business markets in Thailand. Full disclosure: They have been kind enough to sponsor part of my stay in Bangkok and Krabi, Thailand, and I will be doing a review of my trip with photos and videos at the end of September. Check them out:

dusitD2 hotels & resorts offer a contemporary, colorful, chic and a refreshing sense of playfulness. Conde Nast Traveller placed them in their 10th annual “Hot list” of top hotels, Travel + Leisure selected them in “World’s best awards 2009 – Top 40 city hotels in asia,” and they were named TripAdvisor’s Traveler’s Choice 2012 for trendiest hotel.

Full disclosure: They have been kind enough to sponsor my stay in Chiang Mai, Thailand, and I will be doing a review of my trip with photos and videos at the end of September.